Business News

DNO shorted for Kurdish oil exports

Norwegian energy company DNO said it received from the government a partial payment for the oil it exported in June from the Kurdish north of Iraq.

The company reported receiving $30 million for the average 113,600 barrels of oil per day it exported from the Tawke field in the Kurdish north of Iraq. That total represents 99 percent of the amount produced from the field in June.

“The total invoiced amount for June is $38.41 million, of which $32.21 million comprises the monthly entitlement and $6.19 million is towards the recovery of outstanding receivables for past deliveries,” the company said in a statement.”

The company in June received $15 million to settle outstanding payments for the $39.3 million invoiced in May. Average exports in May were around 114,850 bpd.

DNO said it would share the funds with its partners at Genel Energy, which lists its headquarters in London.

Gulf Keystone Petroleum, a rival producer working in the Shaikan development in the Kurdish north, last reported a payment from the Kurdish government in late June of $7 million for exported oil.

In late July, DNO made an unsolicited offer to take over the company, which is focused on a restructuring effort it said could support a near-term goal of raising production from 40,000 bbpd to 55,000 bpd.

Gulf Keystone Petroleum said most of the parties with an interest in the company are in favor of restructuring rather than the takeover bid.